Panera Shareholder Suit Pared Under Safe Harbor Rule

By Elaine Meyer

Law360, New York (March 18, 2010, 3:15 PM ET) -- A federal judge has significantly narrowed the scope of a shareholder class action against Panera Bread Co., finding that statements the company made in 2005 and 2006 about business growth were protected by the safe harbor rule of the Securities Exchange Act.

The “vast majority” of financial projections that have been targeted in a suit by the Western Washington Laborers-Employers Pension Trust were forward-looking and accompanied by adequate cautionary language, Judge E. Richard Webber of the U.S. District Court for the Eastern District of Missouri said...
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